Marks and Spencer shares up on double-digit growth as turnaround pays off November 6, 2024 Marks and Spencer has reported another bumper set of results ahead of the golden quarter as its turnaround plan continues to pay off. The company’s share price rose by nearly five per cent in early trades and reached a level not seen since 2016. Profit before tax rose 17.2 per cent to £407.8m, up £348.1m [...]
Huge pay day for Cheshire Oaks owner as profit almost triples November 5, 2024 The group behind outlet shopping centres such as Cheshire Oaks has issued a huge dividend to its owner after its sales and profit surged. Mcathurglen UK has issued a dividend of £58.9m for 2023 after paying out £2.2m in 2022. Newly-filed accounts with Companies House also show that the group’s revenue jumped from £128.4m to [...]
Primark earnings jump despite weather hit November 5, 2024 Budget retailer Primark has seen annual earnings jump by more than 50 per cent in spite of an early summer weather hit to sales. Owner Associated British Foods reported a 53 per cent rise in operating profits at Primark, to £1.1 billion over the year to September 14 as groupwide like-for-like sales lifted 1.2 per [...]
Mike Ashley helps Hornby clean house after strategic review November 5, 2024 Hornby, the international models and collectables group advised by billionaire Frasers Group founder Mike Ashley, has announced the sell-off of a loss-making part of its business and the departure of its former chairman. The Kent-based listed company, in which Frasers owns a stake, has announced the LCD Enterprises is to be sold to EKD Enterprises, [...]
Womenswear firm Sosandar signs homewares agreement with Next November 5, 2024 Sosandar, the women’s fashion retailer, has signed a capex-free licensing agreement with Next for a homeware range. The licensing agreement, which requires no capital expenditure for Sosandar, will see the two companies extend their pre-existing agreement to sell clothing. Co-ceos Ali Hall and Julie Lavington said it was a “proud moment” for the Sosandar brand and [...]
Asos: Loss widens but company optimistic on growth November 5, 2024 Asos has reported a steep drop in revenue but said its restructuring has created the foundations for a return to growth. The e-commerce giant reported an operating loss of £331.9m for the year to 1 September 2024, up £83.4m from a loss of £248.5m in 2023. Like for like, revenue fell by 16 per cent [...]
Should a business be like your family? The boss of B&Q thinks so November 5, 2024 A business should be more like a family in order to attract employees with the right moral and cultural judgements, the boss of B&Q has said.
Retail sales growth slumps in October as consumers remain cautious November 5, 2024 Retail sales growth dipped in October due to pre-election anxiety, the latest figures have shown. According to the British Retail Consortium (BRC)-KPMG sales monitor, retail sales in the UK increased by 0.6 per cent year over year in October, compared to 2.6 per cent growth in October 2023. Food sales nudged up 2.9 per cent [...]
MPs plan to question Shein boss as firm eyes London IPO November 5, 2024 A cross-party group of MPs will call in Shein’s boss to comment on the risk of forced labour in fast-fashion supply chains, according to committee chair Liam Byrne. The House of Commons business select committee is finalising plans for an inquiry into employment rights in the workplace, which will, amongst other things, examine the risk [...]
Retailers prepare for ‘exceptionally tough’ golden quarter after Budget November 4, 2024 The golden quarter is off to a slow start and things are only set to get tougher for retailers over Christmas, according to fresh data. In-store sales grew by 1.7 per cent year on year in October, while total sales – both in-store and online – grew 4.1 per cent, according to BDO. Whilst the [...]